What is a living trust?
A living trust is an estate planning tool used in North Carolina and other states. It allows for the transfer of assets while you are still alive, without the time and expense of probate - the process of proving a will after a person dies. With a living trust, you can name yourself as the trustee, which gives you control over the trust’s assets. When you pass away, the trust can then be transferred to the designated beneficiaries. Living trusts are different from a will in that they can be modified or revoked at any time while you are alive, whereas a will must be legally changed or completely replaced. This makes a living trust a flexible option, allowing you to make changes as your life changes. A living trust also makes the process of asset distribution easier for those left behind, as assets can be distributed without a lengthy probate process. Beneficiaries can also receive assets immediately upon your death, without dealing with the lengthy process of probate. Finally, trusts offer better privacy than a will. Though wills are public documents, trusts are not, meaning that the assets you have placed in the trust can remain confidential. Overall, a living trust is a useful estate planning tool that can help you manage and transfer your assets while you are alive, as well as after you pass away. It is important to seek advice from a lawyer who specializes in wills and probate law in North Carolina before creating a trust, to ensure that you have taken all the necessary steps.
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